We have a lead that we are negotiating with the seller on... The property has been vacant for 3 years. It is boarded up however at some point the neighborhood "kids" decided to paint a lovely mural and other choice expletives on the walls. It really isn't in terrible shape. ARV is around 70-75k. Property needs probably 30k worth of work to make it a flip or 20k for rent ready.
The question I have is what is the best way to market a boarded up property? I have access to a local REI clubs email list that I can have it added to. I was also thinking postlets. Any other tips?
Paint FOR SALE - INVESTOR SPECIAL! across the front of it in red spray paint!
Seriously, I'd have a huge sign made for the yard, etc. just to let people know it's being sold. Often the neighbors will know someone who is interested and neighbors have an incentive to see the property brought back to retail condition.
I agree with @Dev Horn on the sign. I can't tell you how many times I've driven past a clearly vacant house and thought "hmm, I wonder if that's for sale? I wonder who owns it?"
Added to the REI Clubs, I'd also get your offer in front of any neighborhood association the area may have.
I would also look for any contractors working on properties nearby, and see if you can get the names of their employers. Most likely, they're investors who may be interested in looking at the property you're offering.
The more, the merrier.
Keep your eye peeled for those "I buy cheap houses" signs. They often are wholesalers but if your margin is good, they can be a great way to get a quick sale. Other than that, grab the yellow pages and call every fixer-upper/contractor in it and see what you can find.
Go to the nearest Section 8 office and let them know you have an interest in redevelopment of properties.Say you would like a list of all properties so you can possibly get them up to section 8 standards and code.They should provide you with a list of landlords and addresses.Call all the landlords and ask if their interested in investing if not they might have inventory they want to sell.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.